Insurance study cites uninsured driver costs
OKLAHOMA CITY (AP) - A study by the Oklahoma Insurance Department suggests Oklahoma is losing $8.8 million annually in state revenue from uninsured drivers.
Department Chief Actuary Frank Stone prepared the analysis using data provided by the Insurance Research Council, the U.S. Department of Transportation and the National Association of Insurance Commissioners.
The evaluation suggests the money is lost in the form of premium taxes that are not paid on the estimated 563,000 uninsured vehicles in the state.
About half of that money would go into the state's general revenue fund while the rest would be deposited into various state public safety pension programs.
Insurance Commissioner John Doak says he is pushing for legislative changes in 2013 to tackle the problem of uninsured drivers, including increased fines.
Copyright 2012, The Associated Press